Boomfish Wealth Group LLC Decreases Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Boomfish Wealth Group LLC lessened its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 11.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,326 shares of the company’s stock after selling 171 shares during the quarter. MercadoLibre accounts for 1.7% of Boomfish Wealth Group LLC’s investment portfolio, making the stock its 17th largest position. Boomfish Wealth Group LLC’s holdings in MercadoLibre were worth $2,721,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. increased its holdings in MercadoLibre by 1,600.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after buying an additional 16 shares in the last quarter. First PREMIER Bank purchased a new position in MercadoLibre in the 1st quarter valued at approximately $27,000. Financial Connections Group Inc. purchased a new position in MercadoLibre in the 2nd quarter valued at approximately $36,000. Scarborough Advisors LLC acquired a new position in MercadoLibre during the fourth quarter worth $36,000. Finally, Quarry LP purchased a new stake in MercadoLibre during the second quarter worth $43,000. Institutional investors and hedge funds own 87.62% of the company’s stock.

MercadoLibre Stock Performance

MercadoLibre stock opened at $2,079.96 on Tuesday. MercadoLibre, Inc. has a 12-month low of $1,141.04 and a 12-month high of $2,161.73. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.28 and a quick ratio of 1.26. The company has a market capitalization of $105.45 billion, a price-to-earnings ratio of 93.06, a price-to-earnings-growth ratio of 1.25 and a beta of 1.61. The firm’s fifty day moving average price is $2,018.64 and its 200 day moving average price is $1,750.46.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.53 by $1.95. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $4.64 billion. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The company’s revenue for the quarter was up 41.5% compared to the same quarter last year. During the same period in the previous year, the company earned $5.16 earnings per share. On average, research analysts forecast that MercadoLibre, Inc. will post 37.55 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $2,530.00 price target on shares of MercadoLibre in a research report on Monday, October 7th. JPMorgan Chase & Co. downgraded shares of MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 target price for the company. in a report on Wednesday, October 2nd. Raymond James assumed coverage on shares of MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price target on the stock. The Goldman Sachs Group raised their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Barclays lifted their price objective on MercadoLibre from $2,100.00 to $2,500.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, MercadoLibre presently has an average rating of “Moderate Buy” and a consensus target price of $2,283.00.

About MercadoLibre

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.